209 / 248
NOTES TO THE COMPANY ANNUAL FINANCIAL STATEMENTS
CONTINUED
For the year ended 31 May 2015
207
BLUE LABEL INTEGRATED ANNUAL REPORT 2015
2014
R’000
5.
DEFERRED TAXATION
At the beginning of the year
(6 737)
(5 698)
Credited/(charged) to the statement of comprehensive income:
Provisions
(5 876)
6 850
Tax losses
5 355
(8 121)
Capital allowances
(49)
(49)
Equity compensation benefit
3 237
(105)
Other
12
386
At the end of the year
(4 058)
(6 737)
Deferred taxation comprises:
Provisions
(6 817)
(941)
Tax losses
(2 766)
(8 121)
Capital allowances
87
136
Equity compensation benefit
6 486
3 249
Other
(1 048)
(1 060)
(4 058)
(6 737)
The analysis of deferred tax assets and deferred tax liabilities
is as follows:
Deferred tax assets
Deferred tax assets to be recovered after more than 12 months
3 398
458
Deferred tax assets to be recovered within 12 months
(7 456)
(7 195)
(4 058)
(6 737)
Deferred tax liabilities
Deferred tax liabilities to be recovered after more than
12 months
—
—
Deferred tax liabilities to be recovered within 12 months
—
—
—
—
Net deferred tax asset
(4 058)
(6 737)
Where deferred tax assets have been recognised, a formal process of assessment of the future
profitability of the Company has been performed based on detailed budgets and cash flow forecasts.
As a result, management believes that the current tax losses will be utilised within one to five years.
There are no unrecognised tax losses in the current year (2014: Rnil).
2015
R’000